I think we're finally ready to begin moving higher, once we survive today. Remember, the Thursday before the monthly BLS BS report is almost always an Evil Empire raid day. Why, you ask? Its quite simple. The banks know, just like you and I, that the employment number will disappoint. It always does. A disappointing number will cause the PMs to rise so care must be taken to hammer down price today.
For example, look right to see how quickly the sharp rally this morning was beaten back. Expect this type of action all day. Any rally will be met with a commensurate amount of fresh paper from Blythe and The Monkeys. Only a complete breakdown in the Middle East would cause Blythe to pull her offers at this point.
Also, have you noticed all the recent press about food price inflation? Seems like everywhere you turn these days you find articles that detail this growing crisis. Regular visitors to Turd's World should not be surprised by any of this, however. Here are a couple of refreshers:
And, if you've forgotten the absolute importance of minimizing inflation to the maintenance of the Ponzi, perhaps you should watch this again:
At any rate, this is just the beginning. Inflation is going to get worse by the day. Prepare now.
OK, for today, for fun you can watch Blythe desperately attempt to suppress price. She'll be at it all day. Don't sweat it. Tomorrow will be more fun.
I'm ready to predict a nice move UP here. Calling short-term moves is pretty tricky business so don't bet the bank on this one...too many ancillary factors can affect things. However, if you look at these charts, the signs point to the next leg higher, and away from Turd's Bottom, beginning soon.
Here's an 18-hour gold. I apologize for the extra lines but, in this case, they're necessary.
Now look at silver:
OK, there you go. If we can survive today without too much monkey damage, those levels are in sight tomorrow. Kick back. Relax. Ignore today. Live for tomorrow. TF